UES Board Elections Calm Nerves;
Reforms' Course Remains Murky

By

Betsy McKay Staff Reporter of The Wall Street Journal

Updated April 8, 1998 12:01 a.m. ET

MOSCOW -- Investors are breathing a sigh of relief over the election of two key reformers to the board of one of Russia's largest companies. But the real test of RAO Unified Energy Systems' future is yet to come.

As former Chief Executive Boris Brevnov packs up his office at the electricity monopoly, it remains to be seen who will replace him permanently -- and how that person will treat reforms Mr. Brevnov launched on behalf of the Kremlin a year ago. Although Mr. Brevnov and former top government reformer Anatoly Chubais...